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Note that you might not need to download it - some Macs come with a Developer Tools CD, or a developer tools package on one of your install DVDs (usually the second one, with the bundled applications).

I have a Macbook Air - It came with a restore-ssd, nothing else.
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NifleDec 10 '10 at 14:00

Have you had a look on there? It's the equivalent of the install DVDs, and I'd be surprised if the dev tools weren't on there somewhere. On the DVDs at least there's usually a package in the root or an "additional software" folder - I see no reason that they wouldn't be on there somewhere.
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ScottDec 10 '10 at 15:15

And the installer might be on the hard drive already, I've seen that on a few Macs. Look in the Application folder for something that looks like developer and see if there is an installer inside.
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David RouseDec 10 '10 at 15:46

This is slightly orthogonal to this question, but for future Googlers. The Xcode installer bundles together a bunch of (smaller) .pkg packages. In theory, you should be able to open Xcode and install only what you really want from it. See this link, for example, github.com/mxcl/homebrew/wiki/Xcode
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TelemachusDec 20 '10 at 17:59